Monero, the privacy-focused cryptocurrency, is now in the grip of what experts believe is a successful 51% attack. The incident has sparked alarm across the crypto industry, with fears of severe damage to the network’s credibility.
According to SlowMist Founder Yu Xian, the Qubic mining pool now controls most of Monero’s hashrate, enabling it to rewrite blockchain history, launch double-spend attacks, and censor transactions. “I’ve been following for a while, and this time the 51% attack on Monero seems to have succeeded,” he wrote, citing information from the Black Handbook group.
While acknowledging the high operational cost of the takeover, Yu noted that it remains unclear what the economic benefits of such an attack might ultimately be.
Charles Guillemet, CTO at hardware wallet maker Ledger, confirmed the seriousness of the situation. “Monero appears to be in the midst of a successful 51% attack,” he said, adding that the Qubic mining pool has been amassing hashrate for months before reaching majority control. A major chain reorganization was detected earlier today, a clear sign of the attack’s success, according to Charles.
With its dominance, Qubic can effectively orphan any competing blocks, leaving other miners without incentive to continue. “In effect, a $300 million market-cap chain is taking over a $6 billion one,” Guillemet warned. He estimated the cost of sustaining the attack at $75 million per day, noting that while it could be financially rewarding in the short term, it risks destroying market confidence in Monero almost overnight.
Qubic posted on X, saying, “We know you’ve seen our efforts in the headlines. All will be revealed at the appropriate time. Just know that the Monero ($XMR) experiment is unfolding exactly as planned.”
Monero, launched in 2014, has long been a target for regulators and intelligence agencies due to its strong privacy features. It is already banned on most major centralized exchanges, limiting its liquidity. The current attack not only threatens the network’s integrity but also raises questions about its future viability.
Despite the gravity of the event, XMR’s price has so far fallen only about 13%. Industry observers say Monero’s options for recovery are limited, and a full takeover by Qubic is now possible, if not likely. Relevant platforms and users are being urged to remain vigilant as the situation develops.
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